JG:

You convert latitude/ longitude to DMS (degrees minutes seconds) and then convert the seconds to hundredths of a second (this is called LORAN). If my math is correct, which is not a given, you should end up with the following:

40°47'40 N

73°37'80 W

If your lat/long numbers had a few more decimal places, the conversion to LORAN would be a little more accurate, but this should get you going in the WeatehrCat preferences.